Citigroup posts 78 % rise in profit in India

American banking major Citigroup on Monday reported a 78 per cent jump in its profit after tax at Rs.1,859 crore in 2010-11 from its operations in India.

The jump in profit came on the back of improvement in all key ratios, including net non-performing assets, which narrowed to 1.2 per cent from 2.1 per cent in the previous fiscal, Citi India said in a statement issued here.

Total assets

Its total assets grew 17 per cent to Rs.111,586 crore during the fiscal and were driven more by lending to corporates and small and medium enterprises, which grew 33 and 35 per cent, respectively, it said.

Share of the cheaper CASA (current and savings account) deposits also went up to 56 per from the year before's 51 per cent, the release said.

During the fiscal, Citi helped Indian clients raise close to $16 billion of equity and debt capital which gives it a 14 per cent share in the capital raising advisory business.

Capital adequacy

Citi India's total capital adequacy was at 17.3 per cent, the release said.

The total number of automated teller machines (ATMs) in the country also went up to 658 from the 457 at the close of the previous fiscal, it said.